Net Recoveries Clause Samples

Net Recoveries. (a) The Parties agree to use commercially reasonable efforts to obtain available recoveries from any third party insurer (including, with respect to Buyer, from the R&W Insurer). The amount of any Losses for which indemnification shall be available pursuant to this Article 9 shall be reduced by any insurance proceeds actually received from a third party insurer by an Indemnified Party in connection with the matter giving rise to such Losses (net of the amount of costs and expenses (including reasonable attorneys’ fees) of recovery or collection thereof and any applicable deductibles, retentions or similar costs or payments or increased premiums) (“Net Recoveries”). If an Indemnified Party or any of its Affiliates actually receives a Net Recovery with respect to any Losses after an Indemnifying Party has actually made a payment under this Article 9 to such Indemnified Party or its Affiliates with respect to such Losses, such Indemnified Party shall promptly pay over to the Indemnifying Party that amount, if any, that such Indemnifying Party would not have been required to pay to such Indemnified Party or its Affiliate if such Net Recovery had been received prior to such payment by the Indemnifying Party (or, if such amount was paid from the Indemnity Escrow Fund and the final date for release of the Indemnity Escrow Fund has not passed, to the Escrow Agent to be held with the balance of the Indemnity Escrow Fund in accordance with the Escrow Agreement). For the avoidance of doubt, any claim for indemnification under this Article 9 may be made prior to or concurrently with any efforts to obtain available recoveries from any third party insurer, and nothing in this Section 9.5 shall delay the time for making any indemnification payment under this Agreement. (b) Except in the case of a claim for Fraud, the Indemnity Escrow Amount shall be the sole and exclusive source of recovery for Losses for which the Buyer Indemnified Parties shall be entitled to recover pursuant to Section 9.2(b). The Parties hereby agree that the Indemnity Escrow Amount shall not be a source of recovery with respect to any Losses other than pursuant to Section 9.2(b). The limitations specified in this Section 9.5(b) shall not be deemed to limit the rights of Buyer Indemnified Parties with respect to the R&W Insurer provided under the R&W Policy. (c) Notwithstanding anything to the contrary herein, the Buyer Indemnified Parties shall not be entitled to indemnification under this Agreement...

Net Recoveries. With respect to any Charged-Off Mortgage Loan, Recoveries net of unreimbursed Master Servicing Fees with respect thereto.

Net Recoveries. For purposes of this Agreement, "Net Recoveries" shall mean - the net cash proceeds received by PubliCARD with respect to transactions that are consummated on or after March 31, 2003, from, in each case, (a) the sales and dispositions of (i) PubliCARD's ownership interests in Infineer and TecSec, Incorporated, (ii) PubliCARD's real property located in Gretna, Louisiana, and (iii) any other real or personal property assets; and (b) any recoveries from settlements, buyouts or assignments of claims from PubliCARD's insurance program. At the time PubliCARD delivers the Note to PBGC, it shall also deliver a record of Net Recoveries received since March 31, 2003 (the "Initial Recoveries Report").

Net Recoveries. The term "Net Recoveries" means the sum of (a) any proceeds received by the Partnership in connection with or as a result of awards or settlements received from the Contractor, its subsidiaries and affiliates and their respective officers, directors, agents and employees in connection with claims and disputes arising in connection with the design, construction, operation and maintenance of the Project, including all sums due or to become due by reason of any award or judgment rendered in, or settlement of, the Arbitration Proceedings, less (b) all accrued and unpaid costs, fees and expenses incurred with respect to the enforcement of the claims which give rise to such awards or settlements and the collection of such awards or settlements (including attorneys' fees and costs).